Canada Pension Plan Investment Board (CPPIB) and Alberta Investment Management Corporation (AIMCo) plan to invest US$1bn of equity in US logistics markets with the help of WPT Industrial Real Estate Investment Trust (REIT).
The joint venture betwen the two Canadian institutional investors and the Toronto-listed REIT will seek to aggregate a portfolio of industrial assets by making value-add acquisitions and funding developments.
It will target national hubs, including Atlanta, Chicago and Dallas, as well as global gateway markets like New Jersey, Los Angeles.
CPPIB and AIMCo will each own 45% of the joint venture, while WPT REIT will hold the remaining 10% and manage the properties.
Hilary Spann, managing director and head of Americas real estate investments at CPPIB, said: “The US industrial sector provides an attractive investment opportunity, driven by trends such as growth in e-commerce, as well as the evolution and modernisation of global supply-chains.”
Micheal Dal Bello, senior vice president for real estate at AIMCo, said: “The combination of AIMCo and CPPIB’s scale and sophistication creates a long-term opportunity that will meet the needs of our clients and stakeholders.”
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